Spirit Exploration, Inc.
PINK SHEETS : SPXP

Spirit Exploration, Inc.

December 06, 2007 10:41 ET

Spirit Exploration Inc. Comments on Ecuador's More Favorable Mining Policy and Updates Investment Community

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2007) - Spirit Exploration, Inc. (PINK SHEETS:SPXP) Spirit Exploration views the recent actions and comments made by President Correa as very encouraging for mining companies working in Ecuador. As reported in the Ecuadorian Mining News on 11/26/07, The President of Ecuador, Rafael Correa has signaled his administration's support for large-scale mining by inviting Corriente Resources to participate in its trade mission to China, leading Corriente's Senior Vice President, Dan Carriere to comment, "We continue to see strong signs that Ecuador is open to foreign investment." This, coupled with President Correa's recent statement in a YouTube video, "The future of this country might be in mining," gives a clear signal that Ecuador's mining policy will continue to be favorable toward foreign investment and mining companies. "These comments bolster Spirit's prospects and opportunities with regards to its present and future investments in Ecuador's burgeoning mining industry," said Spirit's President Terry R. Fields.

Spirit Exploration has upgraded its status on the OTC Pinksheets to the highest pinksheets level which reflects the "Current Information" category. Spirit Exploration is now fully compliant with pinksheets recently implemented disclosure guidelines. Spirit is also finalizing its financial audits in order become fully reporting with the US Securities and Exchange Commission and facilitate its transition to a more senior exchange. "We are pleased with the progress that we have made to date and we are attempting to meet all the necessary requirements so we may move to a higher exchange which can only help the Company and our shareholders," said Peter Laipnieks, President of Spirit Exploration.

Spirit Exploration has also entered into an investor relations agreement with Goal Capital LLC. Goal Capital is based out of Laguna Niguel California and specializes in investor relations for natural resource companies. "I am very pleased to be working with Spirit Exploration at this stage of its development. Ecuador is a very mining friendly country and as the fundamentals in the precious metals market continue to remain strong, I believe Spirit is well positioned to profit from these factors," said Danny Gravelle, President of Goal Capital.

About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint- ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.

Further information is available on the company website: www.spirit-exploration.com

Forward-Looking Statements: Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.

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